THE 


•• 


Buildings  Investment 


INCORPORATED  CAPITAL,  $500,000, 

Divided  into  3,000  Stares  of  $100  each. 


OFFICE-PUEBLO,  COLORADO. 


-          CHIEFTAIN  STEAM  PRINT, 


PBLO  BUILDING  AHE  INfESTMENT  CO. 


INCORPORATED 


UNDER  IMF  LAWS  OF  THE  STATE  OF  COLORADO. 


OFFICERS  OF  THE  COMPANY: 


ALFRED  W.  GEIST,  ESQ.,  President. 
MICHAEL  H.  FITCH,  ESQ.,  Vice- President. 
MAHLON  D.  THATCHER,  ESQ.,  Treasurer. 
FERD  BARNDOLLAR,  ESQ.,  Secretary. 


DIRECTORS. 


Pueblo,  Colo. 


MAHLON  D.  THATCHER,  ESQ. 
ALFRED  \V.  GEIST,  ESQ. 
O.  H.  P.  BAXTER,  ESQ. 
CHARLES  E   CAST,  ESQ. 
MICHAEL  H.  FITCH,  ESQ. 
WILLIAM  H.  HYDE,  ESQ. 


HIRAM  O.  ALDEN,  SK. 
FERD  BARNDOLLAR,  ESQ 
GIDEON  H.  HARD,  ESQ. 
IRVING  W.  STANTON,  ESQ 
HENRY  C.  THATCHER,  ESQ. 
GEORGE  L  L  GANN,  ESQ 


Leadville,  Colo. 
CHARLES  S.  THOMAS,  ESQ. 


EXECUTIVE  COMMITTEE: 

ALFRED  W    GEIST,  ESQ. 

O.  H.  P.  BAXTER,  ESQ.  MICHAEL  H.  FITCH.  ESQ 

MAHLON  D   THATCHER,  ESQ.  CHARLES  E.  CAST,  ESQ 


PROSPECTUS. 

The  organization  of  the  Pueblo  Building  and  Investment 
Company  will  mark  a  new  epoch  in  the  history  of  the  sub 
stantial  growth  and  permanent  prosperity  of  a  city  which  is 
already  recognized  as  destined  to  play  no  unimportant  part  in 
the  development  of  the  material  resources  of  the  Centennial 
State.  Many  untoward  circumstances — not  the  least  among 
which  was  the  unfortunate  and  protracted  railroad  litigation 
which  closed  against  Pueblo  for  more  than  a  year  the  rocky 
gateway  through  the  Grand  Canon  to  the  treasure  vaults  in  the 
mountains  beyond — temporarily  checked  the  onward  march  of 
this  city.  But  happily  all  the  artificial  barriers  to  our  success 
have  been  removed,  and  to-day  Pueblo  is  advancing  with  a 
certain  and  steady  tread  to  the  proud  position  to  which  her 
unrivaled  natural  advantages  entitle  her.  As  a  leading  com 
mercial  mart  she  stands  to-day  only  second  to  Denver,  and 
before  mid-summer  her  wholesale  houses  (representing  every 
branch  of  business,)  that  are  now  in  course  of  construction 
will  be  completed,  and  will  control  a  capital  and  command  a 
trade  which  will  certainly  give  Pueblo  commercial  supremacy 
in  southern  and  southwestern  Colorado,  if  not  throughout  the 
State.  The  sluggish  spirit  that  a  few  years  ago  seemed  to  per 
meate  this  community  has  been  displaced  by  a  spirit  of  enter 
prise  and  progress.  The  sleeping  giant  has  gathered  during  his 
repose  new  strength,  and  is  now  shaking  off  the  lethargy  which 


6  PROSPECTUS. 

was  only  incident  to  long  continued  slumber.  No  reflecting 
man  can  to-day  view  Pueblo  in  an  unprejudiced  light,  without 
being  forced  to  the  conclusion  that  she  has  a  future  before  her 
bright  and  promising,  indeed. 

Railroad  Center. 

As  a  live,  wide-awake  railroad  center,  Pueblo  is  attracting 
attention  not  only  in  Colorado,  but  abroad.  The  Atchison, 
Topeka  &  Santa  Fe  Railroad  company,  whose  line  of  railway, 
in  connection  with  the  Southern  Pacific  is  now  transcontinen 
tal,  has  its  Colorado  terminus  in  this  city.  Its  energetic  and 
sagacious  management  already  witnesses  the  full  fruition  of  the 
sanguine  hopes  entertained  by  them  when  five  years  ago  they 
determined  to  push  to  Pueblo  as  the  most  desirable  point  from 
which  to  reach  the  commerce  and  travel  of  the  mining  regions 
of  Colorado — a  commerce  and  travel  which  is  still  in  its  infancy. 
Here,  too,  is  the  center  of  the  narrow  gauge  system  ot  railroad 
in  the  State — a  monument  of  the  pluck,  enterprise  and  ability 
of  its  promoters — a  system  which,  Briareus-like,  is  extending 
its  arms  into  every  portion  of  Colorado,  developing  new  terri 
tory  and  gathering  to  itself  the  rich  harvest  which  in  every  min 
ing  camp  awaits  it.  Engineering  difficulties  which  would  have 
been,  a  few  years  ago,  deemed  almost  insurmountable,  vanish 
like  "mist  before  the  morning  sun,"  if  they  seem  to  stand  in 
the  way  of  the  pioneer  line,  The  branches  of  the  Denver  &  Rio 
Grande  company  radiate  from  Pueblo  to  every  point  of  the  com 
pass—extending  to  Denver,  Leadville,  Silver  Cliff,  the  San  Juan, 
Gunnison  and  Kerber  Creek  mining  regions — in  a  word,  winding 
their  way  through  the  mountain  fastnesses  into  every  part  of  the 
State  where  present  or  prospective  business  will  justify  their  con 
struction.  In  connection  with  the  A.,  T.  &  S.  F.  line  it  affords 
an  outlet  to  both  the  eastern  cities  and  the  Pacific  coast.  To 
give  us  still  greater  railway  facilities,  the  D.  &  R.  G.  Company 
is  now  engaged  in  laying  a  third  rail  from  Pueblo  to  Denver, 
which,  practically,  gives  us  both  a  standard  and  narrow  gauge 
connection  with  Denver  and  the  Union  Pacific  system.  Other 


PROSPECTUS.  7 

railroads,  in  no  way  identified  with  the  constructed  lines,  are 
projected  from  Pueblo  to  the  east,  and  from  Pueblo  to  the 
various  mining  camps  in  the  State,  and  we  have  reason  to 
believe  that  they  will  be  put  under  construction  at  an  early 
day.  As  a  railroad  center,  the  claims  of  Pueblo  are  now  quite 
generally  recognized. 

Manufactories  and  Smelting  Works. 

No  point  in  Colorado  offers  such  superior  facilities  for  the 
economic  treatment  of  ores.  Every  mining  camp  of  any  mag 
nitude  in  the  southern  half  of  the  State  is  already,  or  will 
soon  be,  reached  by  the  narrow  gauge  railway.  The  fuels 
necessary  for  the  treatment  of  the  ores  are  close  at  hand. 
The  average  cost  of  transportation  of  ores,  fuels  and  fluxes 
to  Pueblo  are  cheaper  than  to  any  other  point  in  the  State. 
The  silver  smelting  works  of  Mather  &  Geist,  which  have 
hitherto  been  ranked  only  by  the  works  at  Argo,  have  recently 
trebled  their  former  capacity,  and  other  smelting  works  on  a 
large  scale  will  soon  be  erected  just  beyond  the  outskirts  of 
Pueblo.  The  number  of  employes  carried  on  the  pay  rolls  of 
Mather  &  Geist  is  larger  than  that  shown  by  the  rolls  of  any 
other  smelting  works  in  the  State.  Quantities  of  ore  are 
constantly  being  received  for  treatment  from  the  mines  in 
New  Mexico  and  Arizona. 

On  the  opposite  side  of  the  river,  steel  works,  blast  furnaces, 
foundries  and  machine  shops  are  nearing  completion.  The  first 
annual  capacity  of  the  Bessemer  steel  plant,  running  night  and 
day,  is  stated  to  be  60,000  tons  of  rails,  with  every  arrangement 
for  increasing  the  product  commensurate  with  the  demand. 
The  importance  of  this  extensive  steel  plant,  as  it  is  the  only 
one  in  Colorado,  every  one  must  admit.  The  advantages  of 
this  locality  for  the  treatment  of  precious  metals,  and  for  the 
establishment  of  manufactories  of  iron  and  steel,  are  forcing 


8  PROSPECTUS. 

themselves  upon  the  attention  of  the  public.     Indeed,  both  as  a 
business  and  a  manufacturing  point,  Pueblo  is  in  the  front  rank. 

Population  and  Prospects. 

The  census  taken  one  year  ago  showed  an  aggregate  popula 
tion  of  about  five  thousand  two  hundred  in  Pueblo  and  South 
Pueblo.  Since  that  date  restored  confidence,  the  general 
revival  of  trade,  and  the  growing  business  importance  of  this 
city  have  served  marvelously  to  increase  the  population,  until 
to-day  it  is  safe  to  assert  that  the  number  of  inhabitants  in  the 
twin  cities  is  not  less  than  ten  thousand.  Separated  only  by  the 
Arkansas  river,  and  connected  by  street  railway,  the  destiny  of 
Pueblo  and  South  Pueblo  are  linked  together. 

During  the  last  year  many  fine,  commodious  business  houses 
and  neat  and  beautiful  residences  have  been  erected.  Foreign 
capital,  keen -eyed  and  ever  on  the  alert  for  profitable  invest 
ment,  has  found  its  way  to  Pueblo,  and  is  already  affecting 
wondrous  changes.  But  we  dare  not  dwell  at  length  in  a  mere 
prospectus  on  our  future. 

September  loth,  A.  D.  1880,  The  Pueblo  Building  and 
Improvement  Company  was  organized  with  a  capital  stock  of 
$50,000,  which  was  promptly  subscribed.  That  company  has 
already  constructed  sixteen  residences,  all  of  which  it  has  either 
sold  or  leased;  acquired  title  to  115  town  lots,  fourteen  of 
which  it  has  again  sold  and  conveyed.  The  venture  succeeded 
beyond  the  most  sanguine  expectations  of  its  founders,  but  it 
is  now  discovered  that  its  capital  stock  is  too  small,  and  the 
scope  of  its  powers  is  too  limited  to  meet  the  expanding  wants 
of  this  growing  metropolis.  It  was  accordingly  resolved,  with  a 
view  to  the  exigencies  of  the  times,  to  organize  a  new  company, 
to  be  known  as 

The  Pueblo  Building  and  Investment  Company. 

The  articles  of  incorporation  of  this  new  company  were  filed 
April  14,  A.  D.  1881,  with  a  capital  stock  of  $500,000,  and 


PROSPECTUS.  9 

although  it  came  into  existence  less  than  ten  days  ago,  already 
one  hundred  and  twenty  thousand  dollars  have  been  subscribed, 
one  hundred  thousand  of  which  have  been  taken  by  the  citizens 
of  Pueblo.  The  able  and  careful  management  of  the  old  com 
pany  has  bred  a  deserved  confidence  in  the  new  that  has  greatly 
inured  to  its  advantage.  It  is  the  desire  of  the  new  company 
to  secure,  at  present,  subscribers  to  at  least  2,500  shares — 
$250,000.  With  this  capital  the  management,  which  is  com 
posed  of  safe,  conservative,  yet  enterprising,  business  men,  will 
be  able  very  materially  to  enlarge  the  field  of  the  company's 
operations,  and  to  make  a  higher  percentage  of  profit  for  the 
shareholders.  The  scheme  of  the  company  is  both  beneficent 
and  profitable.  It  will  bring  a  handsome  return  to  the  stock 
holder,  and  at  the  same  time  be  a  great  benefit  to  such  parties 
as  rent  or  purchase  buildings  from  the  company.  The  com 
pany,  by  letting  a  contract  for  the  construction  of  a  consider 
able  number  of  houses,  can  get  better  terms  from  the  contractor 
than  if  a  contract  were  let  for  the  building  of  but  one  house. 
This  method  of  letting  contracts  was  profitably  pursued  by  the 
old  company.  The  purchaser  of  the  building  has  a  long  time 
(see  by-laws)  in  which  to  make  final  payment — the  monthly 
installments  being  but  a  trifle  more  than  would  be  the  ordinary 
monthly  rental.  The  laboring  class  of  people  who  are  thus 
enabled  to  acquire  homes  for  themselves  and  their  families 
become  better  citizens,  feel  less  dependent  and  more  manly. 
The  idea  of  owning  a  home  carries  with  it  the  idea  of  self- 
reliance  and  contentment. 

The  company  proposes,  before  erecting  business,  dwelling  or 
other  houses,  of  whatever  character,  to  acquire  title  to  other  lots 
in  the  same  vicinity,  so  that  the  rise  in  the  surrounding  real 
estate  resulting  from  the  improvements  made  by  the  company 
will  result,  not  to  the  benefit  of  strangers,  but  to  the  profit  of  the 
company.  It  is  apparent  that  aggregated  capital  controlled  by 
an  efficient  board  of  directors  can  be  proportionately  much 
more  profitably  employed  than  a  small  sum  in  the  hands  of  one 
individual.  Real  estate  can  be  better  handled  bv  a  combination 


10 


PROSPECTUS. 


of  capital,  with  the  joint  efforts  of  a  board  of  experienced  busi 
ness  men. 

Articles  of  incorporation,  together  with  the  by-laws  of  the 
company,  printed  herewith,  so  fully  set  forth  the  powers  of  the 
company,  the  purpose  of  its  organization,  and  the  plans  to  be 
pursued  in  effectuating  that  purpose,  that  we  deem  it  needless 
to  say  more. 


PUEBLO 


Articles  of  Incorporation. 

Know  all  men  by  these  presents,  that  we,  Mahlon  D.  Thatcher, 
O.  H.  P.  Baxter,  John  V.  Shepard,  Michael  H.  Fitch,  William 
H.  Hyde,  residents  of  the  State  of  Colorado,  have  associated 
ourselves  together  as  a  company,  under  the  name  and  style  of 
The  Pueblo  Building  and  Investment  Company,  for  the  purpose 
of  becoming  a  body,  corporate  and  politic,  under  and  by  virtue 
of  the  laws  of  the  State  of  Colorado;  and,  in  accordance  with 
.the  provisions  of  the  laws  of  the  said  State,  we  do  hereby  make, 
execute  and  acknowledge,  in  duplicate,  this  certificate  in  writ 
ing,  of  our  intentions  to  become  a  body  corporate,  under  and 
by  virtue  of  said  laws. 

I.  The  corporate  name  and  style  of  our  said  company  shall 
be  The  Pueblo  Building  and  Investment  Company. 

II.  The  objects  for  which  our  said  company  is  formed  and 
incorporated  are  for  the  purpose  of  purchasing  and  improving 
real  estate,  loaning  money  thereon,  building  dwelling,  business 
and    other   houses,   and    renting  and  selling    the  same   in    the 
County  of  Pueblo,  State  of  Colorado. 

III.  The  capital  stock  of  our  said  company  is  Five  Hundred 
Thousand  Dollars,  to  be  divided  into  five  thousand  shares,  of 
One  Hundred  Dollars  for  each  share. 


12  ARTICLES  OF  INCORPORATION. 

IV.  Our  said  company  is  to  exist  for  the  term  of  twenty 
years. 

V.  The  affairs  and  management  of  our  said  company  is  to  be 
under  the  control  of  thirteen  trustees;  and  Mahlon  D.  Thatcher, 
Alfred  W.  Geist,  O.  H.  P.  Baxter,  Chas.  E.  Gast,  Michael  H. 
Fitch,    William   H.    Hyde,   Hiram  O.  Alden,   Sr.,   Ferd  Barn- 
dollar,  Gideon  H.  Hard,  Irving  W.  Stanton,  Chas.  S.  Thomas, 
George  L.  L.  Gann  and  Henry  C.  Thatcher  are  hereby  selected 
to  act  as  said  trustees  and  to  manage  the  affairs  of  said  company 
for  the  first  year  of  its  existence. 

VI.  The  operations  of  our  said   company  will   be  carried 
on  in  the  County  of  Pueblo,  and  State  of  Colorado;    and  the 
principal  place  of  business  of  our  said  company  be  located  in 
the  City  of  Pueblo,  in  the  County  and  State  aforesaid.  -. 

VII.  The  trustees  shall  have  power  to  make  such  prudential 
by-laws  as  they  may  deem  proper  for  the  management  of  the 
affairs  of  this  company,  according  to  the  statutes  in  such  case 
made  and  provided. 

In  testimony  whereof,  we  have  hereunto  set  our  hands  and 
seals,  on  this  twelfth  day  of  April,  A.  D.  1881. 

MAHLON  D.  THATCHER, 
O.   H.  P.  BAXTER, 
JOHN  V.  SHEPARD, 
MICHAEL  H.  FITCH, 
W.   H.   HYDE. 


STATE  OF  COLORADO,  \ 
COUNTY  OF  PUEBLO.        }  ss" 

I,  W.  J.  Barndollar,  a  Notary  Public,  in  and  for  said 
County,  in  the  State  aforesaid,  do  hereby  certify  that  Mahlon 
D.  Thatcher,  O.  H.  P.  Baxter,  John  V.  Shepard,  Michael  H. 
Fitch  and  William  H.  Hyde,  who  are  personally  known  to  me 
to  be  the  persons  whose  names  are  subscribed  to  the  foregoing 


ARTICLES  OF  INCORPORATION.  13 

and  annexed  certificate  of  incorporation,  appeared  before  me 
this  day  in  persons,  and  acknowledged  that  they  signed,  sealed 
and  delivered  the  said  instrument  of  writing  as  their  free  and 
voluntary  act  for  the  uses  and  purposes  therein  set  forth. 

Given  under  my  hand  and  notarial  seal  this  twelfth  day  of 
April,  A.  D.  1 88 1. 

W.  J.  BARNDOLLAR, 

[SEAL.]  Notary  Public. 


BY-LAWS, 
i. 

The  regular  meetings  of  the  Board  of  Trustees  shall  be  held 
on  the  first  Monday  of  each  month,  at  the  office  of  the  company, 
at  Pueblo,  Colorado,  at  such  hour  as  may  be  from  time  to  time 
appointed. 

Seven  shall  constitute  a  quorum  at  all  meetings  of  the  Board. 

The  President  may  call  special  meetings  of  the  Board  at  his 
discretion. 

Special  meetings  of  the  stockholders  of  the  company  shall 
be  called  by  the  President,  at  the  request  of  the  stockholders 
owning  one-quarter  of  the  capital  stock.  But  no  meeting  so 
called  shall  have  power  to  do  business,  unless  more  than  one-half 
of  the  stock  of  the  company  is  represented  by  the  stockholders 
present. 

The  annual  meeting  of  the  stockholders  for  the  election  of 
Trustees  shall  be  held  at  the  office  of  the  company,  in  Pueblo, 
Colorado,  on  the  first  Monday  of  May,  1882,  and  annually 
thereafter,  on  the  first  Monday  of  May  of  each  and  every  year. 

The  Secretary  of  the  company  shall  act  as  Secretary  of  the 
meeting.  At  such  meetings  each  stockholder  shall  be  entitled 
to  one  vote  for  each  share  of  stock  owned  by  him  or  her.  No 
person  shall  vote  as  a  proxy  unless  he  or  she  shall  produce  a 
written  authority  so  to  do,  signed  by  the  stockholder  whom  he 


jj  BY-LAWS, 

or  she  represents,  which  written  authority  shall  be  delivered 
to  the  Secretary.  On  the  meeting  being  called  to  order,  the 
stockholders  shall  appoint  three  inspectors  of  election,  who 
shall  be  stockholders  in  the  company. 

The  polls  shall  then  be  opened  and  kept  open  one  hour. 
The  inspectors  shall  then  immediately  count  the  votes  and 
declare  the  result ;  and  the  thirteen  persons  receiving  the  largest 
number  of  votes  respectively  shall  be  declared  elected  Trustees 
for  the  ensuing  year. 

II. 

The  order  of  business  at  the  regular  meetings  of  the  Board 
shall  be : 

1.  Calling  the  roll. 

2.  Reading  of  the  minutes  of  previous  meeting. 

3.  Report  of  committees. 

4.  Reports  of  officers. 

5.  Unfinished  business. 

6.  Miscellaneous  business. 

All  questions  shall  be  decided  by  the  vote  of  a  majority  of 
the  members  of  the  Board  present,  except  as  herein  otherwise 
provided.  The  President  being  entitled  to  one  vote  in  all 
cases,  and  the  yeas  and  nays  shall  be  taken  and  recorded  on  the 
demand  of  any  member. 

III. 

The  officers  of  the  company  shall  be  a  President,  Vice- 
President,  Treasurer  and  Secretary — to  be  elected  annually  by 
the  Board,  within  ten  days  after  the  annual  election  of  Trustees. 

The  Board  may  appoint  committees,  conveyancers,  attor 
neys,  agents,  and  such  assistants  as  from  time  to  time  they  may 
require,  and  pay  such  remuneration  therefor  as  they  may  deem 
proper. 

If  a  vacancy  occur  in  either  of  the  offices  herein  named,  the 
same  may  be  filled  by  the  Board  at  the  regular  meeting  next 
succeeding,  or  at  a  special  meeting  called  for  the  purpose — 
notice  of  the  object  of  such  meeting  having  been  duly  given. 


BY-LAWS.  77 

All  elections  shall  be  by  ballot,  and  a  majority  of  the  whole 
Board  shall  be  necessary  to  a  choice. 

IV. 

At  the  first  meeting  of  each  newly  elected  Board  of  Trustees 
there  shall  be  elected,  for  the  ensuing  year,  four  members  of  the 
Board,  who  shall,  together  with  the  President,  constitute  an 
Executive  Committee,  of  which  the  President  shall  be  ex-officio 
Chairman ;  and  any  three  of  whom  shall  constitute  a  quorum, 
who  shall  have  power  to  approve  all  bills,  audit  accounts, 
approve  the  purchase  and  sale  of  real  estate,  loans  of  money, 
contract  for  building  material,  direct  the  preparation  of  and 
approve  plans  for  buildings,  and  to  transact  such  other  business 
as  the  Board  may  from  time  to  time  delegate  to  said  committee. 

The  said  committee  may  meet  at  any  time  upon  call  of  the 
President,  and  shall  keep  a  strict  record  of  its  proceedings, 
which  it  shall  report  to  the  Board  of  Trustees  at  each  regular 
monthly  meeting. 

V. 

The  President  shall  have  the  chief  management,  control  and 
supervision  of  the  affairs  of  the  company,  subject  to  such  rules 
and  orders  as  the  Board  of  Trustees  may  from  time  to  time 
establish ;  he  shall  preside  at  all  the  meetings  of  the  Board  at 
which  he  may  be  present ;  he  shall  preserve  order  and  promote 
the  speedy  transaction  of  business.  In  case  of  the  absence  or 
inability  of  the  President,  the  Vice-President  shall  succeed  to 
his  powers  and  duties  during  the  continuance  of  such  absence 
or  inability.  In  the  absence  or  inability  to  serve  of  both  the 
President  and  Vice-President,  the  Board  may  elect  a  President 
pro  tempore. 

VI. 

It  shall  be  the  duty  of  the  Secretary  to  be  present  at  the 
meetings  of  the  Board  ;  to  keep  full  and  perfect  minutes  of  the 
proceedings,  votes  taken  and  resolutions  adopted ;  to  keep  the 


28  BY-LAWS. 

books  and  records  of  the  company  ;  and  to  give  notices  to  all 
the  Trustees  of  the  time  and  place  of  each  regular  or  special 
meeting;  and  whenever  any  special  committee  shall  be  appointed 
in  pursuance  of  a  resolution  of  the  Board,  to  furnish  the  Chair 
man  thereof  with  a  copy  of  such  resolution. 

When  any  vacancies  are  to  be  filled,  either  in  the  Board  of 
Trustees,  or  any  of  its  officers,  or  any  of  the  officers  of  the  com 
pany,  or  any  of  the  standing  committees,  or  any  proposed  altera 
tion  or  amendment  to  the  by-laws  is  to  be  acted  upon,  notice 
thereof  shall  be  specially  given  in  the  notice  of  the  meeting . 
Similar  notice  shall  be  given  of  the  object  of  all  special  meet 
ings  of  the  stockholders. 

He  shall  receive  all  the  moneys  due  the  company,  and  issue  a 
receipt  therefor,  and  pay  the  same  over  to  the  Treasurer. 

VII. 

It  shall  be  the  duty  of  the  Treasurer  to  receive  all  moneys 
paid  into  the  company,  and  receipt  therefor  to  the  Secretary, 
and  to  deposit  the  same  in  some  bank  or  banks,  to  be  desig 
nated  by  the  Board  of  Trustees,  to  the  credit  of  the  company 
by  its  corporate  name.  The  Treasurer  shall  disburse  all  moneys 
directed  or  authorized  to  be  paid  by  the  Board  of  Trustees. 
He  shall  take  vouchers  for  all  moneys  disbursed  by  him  ;  and  no 
bill  or  account  shall  be  paid  by  him,  except  on  an  order  drawn 
on  him  by  the  Secretary  and  countersigned  by  the  President. 
He  shall  keep  correct  books  of  accounts,  which  shall  at  all  times 
be  open  to  the  inspection  of  the  Board  of  Trustees  and  to  every 
member  thereof.  He  shall  at  the  annual  meeting  in  each  year 
render  to  the  Trustees  an  account  of  the  financial  condition  of 
the  company,  and  of  all  moneys  received  and  disbursed  by  him 
for  the  preceding  year.  He  shall  from  time  to  time  furnish  such 
statements  and  accounts  as  shall  be  required  by  the  Board  of 
Trustees,  and  shall,  whenever  required,  lay  all  papers,  books  and 
accounts  in  his  possession  and  relating  to  the  business  of  the 
company,  before  any  meeting  of  the  Board  of  Trustees  or  any 
committee  thereof. 


BY-LAWS.  i9 

The  Treasurer  shall  give  a  bond  in  the  sum  of  not  less  than 
twenty  thousand  dollars,  ($20,000,)  to  the  satisfaction  of  the 
Board  of  Trustees,  for  the  faithful  performance  of  his  duties. 

VIII. 

Any  officer  or  employee  of  the  company  who  shall  control 
or  disburse  the  moneys  of  the  company,  when  required  so  to  do 
by  resolution  of  the  Board  of  Trustees,  shall  execute  a  bond  to 
the  company  in  such  amount  as  the  Board  may  direct,  and  with 
sureties  approved  by  them,  for  the  faithful  performance  of  the 
duties  of  his  office. 

IX. 

Dividends  may  be  declared  in  the  discretion  of  the  Board  of 
Trustees,  or  by  a  majority  vote  of  the  stock  at  a  regular  meeting 
of  the  stockholders,  out  of  the  net  earnings  of  the  company. 

It  shall  be  the  duty  of  the  Secretary  to  prepare  the  account 
thereof,  and  the  same  shall  be  paid  by  an  order  drawn  on  the 
Treasurer  by  the  Secretary  and  countersigned  by  the  President, 
drawn  to  the  order  of  the  party  entitled  to  the  same. 

X. 

Each  subscriber  to  the  stock  of  the  company,  upon  the  pay 
ment  of  any  and  every  installment  thereon,  shall  receive  a  re 
ceipt  therefor,  signed  by  the  Secretary,  and  when  full  paid  shall 
be  entitled  to  and  receive  a  certificate  or  certificates  represent 
ing  the  amount  subscribed  for. 

No  transfer  of  stock  shall  be  made  unless  the  old  certificate 
of  stock  be  surrendered. 

The  transfer  of  every  certificate  of  stock  shall  be  registered 
by  the  Secretary,  and  every  certificate  surrendered  upon  transfer, 
and  shall  be  endorsed  .with  a  memorandum  showing  the  disposal 
of  the  shares  represented  thereby,  stating  the  number  or  num 
bers  of  the  new  certificate  representing  the  same,  and  a  like 
memorandum  shall  also  be  kept  by  the  Secretary  on  the  scrip 


20  BY- LAWS. 

book  opposite  where  the  new  certificate  was  issued.  The  trans 
fer  book  shall  be  closed  for  ten  days  prior  to  the  annual  elec 
tion,  and  for  ten  days  prior  to  the  payment  of  any  dividend. 
On  the  day  of  the  annual  election  the  Secretary  shall  furnish  for 
the  use  of  the  inspectors  an  alphabetical  list  of  the  stockholders 
at  the  time  of  the  closing  of  the  books. 

The  dividend  list  shall  be  made  up  on  the  stock  as  the  same 
appears  by  the  books  to  be  held  at  the  time  of  the  closing  of 
the  books  for  a  dividend. 

The  Board  of  Trustees  may,  at  any  time,  adopt  any  addi 
tional  safeguards  they  may  deem  advisable  in  reference  to  the 
issue  of  stock  certificates. 

No  certificate  shall  be  issued  in  place  of  one  stated  to  be  lost, 
except  on  receiving  a  satisfactory  bond  of  indemnity  against 
such  lost  certificate,  and  then  only  by  direction  of  the  Board, 
after  proper  and  legal  evidence  of  the  loss. 

XI. 

All  deeds,  contracts  and  other  legal  documents,  when  author 
ized  by  the  Board  of  Trustees,  shall  be  signed  by  the  President 
and  countersigned  by  the  Secretary. 

The  corporate  seal  of  the  company  shall  be  a  circular  die, 
with  the  name  of  the  company  around  the  border,  and  shall  be 
in  custody  of  the  Secretary. 

XII. 

The  stockholders  of  this  company  shall  be  of  the  age  of 
twenty-one  years  and  upwards.  Minors  may  hold  stock  by 
guardian  or  trustee. 

XIII. 

Every  stockholder,  for  each  share  of  stock  that  he  or  she 
may  hold  in  this  company,  shall  pay  the  sum  of  five  dollars 
on  or  before  the  first  Monday  of  May,  1881,  being  the  first 
installment,  and  a  further  sum  of  two  dollars  and  fifty  cents  on 


BY-LAWS.  21 

or  before  the  first  Monday  of  each  and  every  month  thereafter 
until  said  share  or  shares  shall  be  fully  paid. 

Any  stockholder  may  anticipate  any  or  all  of  his  or  her 
installments  on  any  or  all  shares  held  by  him  or  her,  and  be 
allowed~a  discount  at  the  rate  of  seven  per  cent,  per  annum  for 
the  time  so  anticipated. 

XIV. 

If  any  stockholder  shall  fail  to  pay  his  or  her  installments 
when  due,  or  any  of  them,  and  permit  the  same  to  remain 
delinquent  for  three  months  after  the  said  installments,  or  any 
of  them,  are  due  and  payable,  the  right  of  such  delinquent  as  a 
stockholder  for  each  share  held  shall  cease,  and  his  or  her  stock 
revert  to  the  company,  provided  he  or  she  shall  not  have  paid 
into  the  company  an  excess  of  twenty-five  per  centum  of  the  par 
value  of  said  delinquent  stock.  If  said  delinquent  shall  have 
paid  in  more  than  twenty-five  per  centum  of  the  par  value  of 
said  stock,  he  or  she  shall  pay  a  fine  of  five  dollars  a  month  on 
each  and  every  share  so  delinquent  from  the  date  when  due  for 
three  months  thereafter,  and  if  not  then  paid  the  right  of  said 
delinquent  as  a  stockholder  shall  cease,  and  the  stock  revert  to 
the  company,  with  this  qualification,  that  stockholders  so  failing 
shall  be  entitled  to  receive  out  of  the  first  unappropriated  money 
in  the  treasury  seventy-five  per  centum  of  the  amount  paid  in 
upon  said  delinquent  stock,  less  all  the  fines  assessed  against  him 
or  her  as  aforesaid. 

XV. 

The  following  plan  shall  be  observed  to  govern  all  sales  of 
property  and  payment  thereon : 

When  a  purchase  price  shall  be  fixed  for  any  certain  piece  of 
property  and  the  same  is  offered  for  sale,  the  purchaser,  upon 
the  payment  of  twenty  per  cent,  of  the  purchase  price,  shall 
receive  a  bond  which  shall  entitle  him  to  a  deed  upon  the  full 
payment  of  the  purchase  price. 


22  BY-LAWS. 

Deferred  payments  may  be  made  as  follows:  In  equal 
monthly  installments  extending  over  a  period  not  exceeding 
four  years  from  the  date  of  the  said  bond,  and  shall  include  in 
the  aggregate  the  balance  remaining  due  after  the  first  payment, 
together  with  a  reasonable  insurance  for  the  whole  time  and 
interest  thereon,  at  a  rate  to  be  fixed  by  the  Board  of  Trustees 
or  the  Executive  Committee  from  time  to  time,  which  shall  not 
be  less  than  the  commercial  rate  in  the  City  of  Pueblo  at  the 
time,  until  the  date  of  the  last  payment. 

The  purchaser  may  anticipate  any  or  all  of  the  deferred  pay 
ments  and  be  allowed  a  discount  of  two-thirds  of  the  per  centum 
charged  therein,  on  any  or  all  of  them,  for  the  time  they  have 
to  run. 

All  notes  for  deferred  payments  shall  bear  interest  at  the  rate 
of  two  per  cent,  per  month  from  maturity  until  paid. 

The  company  shall  pay  all  taxes  on  the  property  and  charge 
the  same  to  the  purchaser,  who  shall  repay  the  same  to  the  com 
pany  on  or  before  the  fifteenth  day  of  January  of  each  and 
every  year,  and  if  not  paid  then  to  bear  interest  at  the  rate  of 
twenty-five  per  cent,  per  annum  until  paid,  and  if  not  paid 
within  three  months  from  the  date  when  due,  the  bond  to  be 
subject  to  forfeiture. 

The  Board  of  Trustees  may  modify  the  terms  and  conditions 
of  the  foregoing,  providing  the  result  contemplated  within  the 
time  is  not  changed. 

XVI. 

The  by-laws  may  be  altered  or  amended  by  a  vote  of  not  less 
than  nine  of  the  Trustees  at  any  meeting  of  the  Board,  pro 
vided  notice  of  the  intention  to  make  such  alteration  or  amend 
ment  shall  have  been  given  at  a  previous  meeting  held  not  less 
than  ten  days  prior  to  said  change  or  amendment. 


